PS Vita and PS TV – 3.35 update, Live From PlayStation
The PS Vita and PS TV systems will also receive a system software update to version 3.35 with the same timing as Masamune, adding four-player Remote Play support to PS TV. In addition, the Live from PlayStation app, which allows users to watch live gameplay streams from PS4 systems, will be available on both PS Vita and PS TV alongside this update.

What does the 4 player Remote Play support do? It simply means that you can have upto 4 controllers connected to the PlayStation TV — ergo upto 4 players in a single game.

The Playstation Live Application will enable you to view streams from PS4 players.

Unfortunately a few of the highly requested features are still not on this update like the ability to use the DS4 on the Vita, customization of the icons (if you don’t like the bubble icon tough luck)